Bloomberg Real Estate

https://www.startribune.com/minnesotas-coolest-backyard-ice-rinks-complete-with-floodlights-and-homemade-zambonis/600142278/

Minnesota’s coolest backyard ice rinks: Floodlights and homemade Zambonis From Long Lake to Bemidji, backyard rinks are a labor of love in the State of Hockey.

We thought last year's market was wild but it was relatively mild compared to other states. I think that is a good thing. States, where the market increased 54%, are much much more likely to see a correction in the future.

The states where real estate prices have gone up the most - do you live in one? HOME prices have surged across the country since the onset of the pandemic – but they are rising more rapidly in some states than others. In 2021, average home prices have climbed to $4…

I have heard a lot of buyers say that they are going to wait to buy a house because they don't want to get into a bidding war or offer much over asking. The result is that someone else gets the home and the sellers of similar homes base their sales price on the home they didn't get. The more selling cycles that buyers wait out, the higher and higher home prices go. Buyers could decide to rent instead but those prices are going up too. The sooner you buy, the sooner you lock into a fixed mortgage where you won't have to worry about the cost of housing increasing.

The lack of housing that is causing the increase in prices is not going to end for as far out as anyone can see. Some forecasters are predicting a 15% increase in prices next year. Others are predicting 3% increases. None are predicting a flat or falling market. On top of the price increases, we are likely to see an increase in the mortgage rate by .5%.

The moral of the story is don't wait to buy. If you want to read more, click the following article.

Boom, bust, or boring? Where the housing market is going in 2022 as told by 7 forecast models To see what home price growth is likely to look like next year, Fortune reviewed seven industry forecast models.

We have had a tremendous year. The only thing holding us back has been the lack of inventory and tremendous demand which has made it hard for buyers to secure homes. That has been changing recently. I would not call it a buyers market but it is more balanced. Offering over asking, no inspections, and sight unseen offers are becoming rarer and the price of a home rises above $400,000 or for townhomes and condos. Now is the time to buy. If you are waiting for better timing but can afford to buy now, I would not wait. This is a typical fall market and prices are likely to rise much more than any money you are looking to save by not having two mortgages or extra lease payment.

‘It’s not the all-out feeding frenzy seen earlier.’ Economists and real estate pros on what the housing market will look like this fall Is now the time for you to buy a home?